The popular conservative site Breitbart has set to work on debunking liberal MSM claims about the impending tax cut.
Author and tax guru John Carney points out that several “myths” have been reported as if the truth, such as the tax bill raising taxes on the middle class while the wealthy are no longer asked to pay their fair share.
Carny-bull, according to Carney. In fact, the bill lowers taxes for a higher majority of low-income Americans than for millionaires, and abolishes income tax for families making $60,000 a year!
The piece also debunks several other myths about the tax-cut bill, such as the Fake News that it punishes teachers while giving a sweetheart deal to private jet owners.
More from Breitbart:
Despite the ocean of ink and cloud-stuffing pixels spilled out to prove this point–and the more hyperbolic critics have described the tax bill as “class warfare” against the middle class and the poor–it is obviously wrong. The Senate bill, for example, cuts taxes for every income bracket and slashes the tax bill for nearly all taxpayers. In fact, middle-class Americans would see the largest deductions in their tax bills.
Here are the facts, all according to the nonpartisan Joint Committee on Taxation.
Middle-income Americans win the most. People earning between $40,000 and $70,000 would see their tax bills falling by 7.1 percent. People with incomes between $20,000 and $30,000 would see a 10.4 percent decline in their tax bills. Millionaires get just a 5.3 percent cut.
And most middle-income Americans win. Eighty-one percent of taxpayers earning between $50,000 and $75,000 get a tax cut under the Senate bill, according to the JCT. For people earning between $75,000 and $100,000, 84 percent get a tax cut. The same with those earning $100,000 to $200,000. Just 80 percent of those earning a million dollars or more get a tax cut.
A lot of families will owe no taxes at all. Most married couples with children earning less than $60,000 per year will have no income tax liability at all. That’s because under the Senate bill, the child tax credit rises to $2,000 per child. (Note, this is not from JCT but from the MarketWatch tax calculator.)
It’s actually the wealthy that disproportionately pay higher taxes under the bill. Very few people tax increase under the Senate bill, and those people are disproportionately wealthy.
One of the reasons critics of the tax cuts say the bill actually raises taxes on the middle class is that many of the cuts to individual tax cuts are set to expire after 2025 in order to comply with Senate budget rules. And it is true that if those tax cuts were allowed to expire, then taxes would go up for many Americans. But there’s no reason to expect Congress will allow the tax cuts to expire, particularly if Republicans keep control of either the House or the Senate.
No wonder the American middle class is so angry. The media is counting blue-collar families out of their reporting entirely, just as a means to bash Trump.